CryptoSunday vol. 17 – Polish situation

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In our 17th article from CryptoSunday’s series I have decided to present the current situation in the country close to my heart – Poland. Read about the problems which Poles have to deal with.

Previous activities

Polish Financial Supervision Authority (KNF) is doing that again! Some time ago we wrote about Polish anti-crypto campaign in which semi-popular Youtubers took part. Then the Polish government released a new tax law interpretation which makes trading cryptocurrencies a ‘very expensive hobby’. Due to the whole situation in Polish crypto industry, BitBay – one of the most popular cryptocurrency exchange platforms in Poland – has decided to move to Malta to avoid tax problems.

New campaign

It wasn’t the end of Polish Financial Supervision Authority’s strenuous attempts. On 1st June, there was  a video published on the Office of Polish Financial Supervision Authority YouTube channel. This short (0:30) movie is KNF’s next move.

On 10th May KNF announced an auction to prepare and conduct an anti-cryptocurrency campaign with almost 500,000 zł (almost $150,000) budget. The partners of this campaign are Ministry of Finance, Police and National Bank of Poland.

Watch the video below called “Who will you be when the bubble burst?” :

The main character is introduced as Piotr (Peter) who is an active trader on the cryptocurrency market. He lives above the average, driving expensive cars and being able to buy whatever he wants. His wealth, however, is presented  as a delusion, while Peter is living in “cryptocurrency-mirage”. His whole assets may disappear if the bubble bursts because, as a narrator is saying, his investitions are based on cryptocurrencies and financial pyramid.  

And once again KNF is comparing cryptocurrencies to a financial pyramid. Soon after the publishing the video, Polish trades reacted and quick enough the video was taken down due to the multiple requests to YouTube because of the misleading content. But KNF refused to give up uploading the video once again. Right now it is rated with 50 thumbs up and over 7 thousand thumbs down.

The official statement of Polish Supervision Authority is:

“In the case of virtual “currencies” there is a high probability of significant changes in their value in a short time, combined with the lack of appropriate legal and organizational safeguards, usually required for entities with funds entrusted by investors. (…) Acting without appropriate licenses of entities that turn investors’ funds or hold these funds is an important threat. Additionally, it is worth remembering that some of these entities conduct aggressive marketing, promising security and increase investment returns, which should be treated as a conscious introduction of investors into error. “

Inconsistency of activities

On the other hand, on 4th of June, the Polish Supervision Authority (KNF) is going to appoint the official Blockchain Group to regulate cryptocurrencies, ICO and blockchain technology.

There are over 40 institutions invited to join the Group. Among others, the invitation was delivered to Polish Bitcoin Association and also to BitBay (which was inscribed to KNF’s list of public warnings).

What do you think about the whole situation in Poland?

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